The Middle East is 'not very far' from seeing more billion-dollar start-ups, according to the CEO of ride-hailing company Careem. CNBCEvolve
Meanwhile, Careem became the Middle East's first unicorn — a start-up with a valuation of at least $1 billion — whenThere are 16 unicorns in the Middle East and North Africa as of April this year, according to data from Statista.
In addition to funding and talent, another factor that could help create "a lot more unicorns" in the next few months and years is that the Middle East has "no shortage" of opportunities, said Sheikha. But there is also a gap in last-mile logistics and payment platforms for businesses, and Careem is focused on that opportunity with its delivery service Careem Express and digital wallet Careem Pay.Some aspects of becoming an entrepreneur in the region have been made easier, but scaling a business will still be difficult, Sheikha said.
Mudassir Sheikha, co-founder and chief executive officer of Careem, attends the Day 1 of the RISE Conference 2018 at Hong Kong Convention and Exhibition Center on July 10, 2018 in Hong Kong, Hong Kong.Previously, many people preferred to work for multinational companies rather than start their own firms, he said.
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